News That Matters

Tag: September

9 things that will change from September 1

9 things that will change from September 1

Finance
NEW DELHI: Have you filed your tax returns? If you don’t do it by tonight, you run the risk of paying up to Rs 10,000 as penalty, not being allowed to carry forward your losses or get interest on refunds from the tax department. A bigger headache, though, may be in store for you starting tomorrow as some income tax-related changes announced in the budget and other modifications come into effect. Keep these changes in mind if you... BUY A HOUSEThe amount of TDS (tax deducted at source) when you buy property will go up as you will now have to include payment made for amenities like club membership and car parking to arrive at the cost of the property for deducting the tax. WITHDRAW A LOT OF CASH Cash withdrawals over Rs 1 crore a year from a bank account will attract a 2% TDS now. RENOVATE
Insurers to make available standalone ‘own damage’ motor policy from September 1

Insurers to make available standalone ‘own damage’ motor policy from September 1

Finance
Regulator Irdai has asked general insurance companies to make available standalone annual Own Damage (OD) covers for both new and old cars and two-wheelers from September 1. Consequently, the issuance of bundled policies for cars and two-wheelers will not be compulsory from September 1, the Insurance Regulatory and Development Authority of India (Irdai) said while making changes in an earlier order in the wake of a Supreme Court ruling. Buying OD vehicle insurance is optional. OD covers natural calamities, like earthquakes and floods, and also disasters such as vandalism and riots. "Effective, September 1, 2019, insurers shall make available stand-alone annual Own Damage covers (including stand-alone OD cover for fire and/or theft if opted for by the policyholder) for cars and two-wheelers...
Economy grows by 0.6% despite September 'weakness'

Economy grows by 0.6% despite September 'weakness'

Business
The UK economy expanded by 0.6% in the three months to September - its strongest quarter in almost two years - but there are growing signs of a slowdown ahead of Brexit. Early official figures from the Office for National Statistics (ONS) - which were in line with the forecasts of economists and the Bank of England - pointed to a hot summer boost for consumer spending.This rose 0.5% on the previous three months. The figures also showed a 2.1% output increase from construction after weather disruption earlier in the year and manufacturing also picking up.But the ONS said demand took a hit in September as temperatures cooled - with business investment contracting at the fastest pace since early 2016 as attention turned to uncertainties over the country's future trading rela...
Cheaper food drives UK inflation lower in September

Cheaper food drives UK inflation lower in September

Business
The UK inflation rate fell more than expected in September after hitting a six-month high in August.The Office for National Statistics said the fall to 2.4%, down from 2.7%, was largely driven by lower prices for food and non-alcoholic drinks.The Consumer Prices Index figure surprised economists who had been expecting inflation to fall to 2.6%.The result is expected to ease pressure on the Bank of England to raise interest rates in the near future.Andrew Wishart, UK economist at Capital Economics, said: "With inflation in line with the Bank of England's forecast, and measures of domestically generated cost pressures, such as core inflation and services inflation falling back, this reduces any pressure on the MPC to act again before it can assess the likel...
OPEC: Venezuelan, Iranian monthly oil production down in September

OPEC: Venezuelan, Iranian monthly oil production down in September

Business
Oct. 11 (UPI) -- Oil production in Venezuela, a country with the world's biggest reserves, reached a new low in September as it goes through political and economic instability, declining 3.4 percent in September from August. Production has now reached its lowest point since the 2002-2003 PDVSA oil strike -- in addition to Iranian output also falling. According to monthly data released Thursday by the Organization of Petroleum Exporting Countries, or OPEC, and which it attributed to "secondary sources," the country's September production was just under 1.2 million barrels per day, down 42,000 barrels per day from August. Venezuelan officials confirmed a decline to OPEC, but at a higher level. According to the figures reported and described as coming from "direct communication" with Venezue...